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reasonably determines that no other redevelopment of similar scope is anticipated on this site without <br />substantially similar assistance being provided to the development. <br />Therefore, the City concludes as follows: <br />a. The City's estimate of the amount by which the market value of the entire District will increase <br />without the use of tax increment financing is $0. <br />b. If the proposed development occurs, the total increase in market value will be $46,013,200 (see <br />Appendix D and G of the TIF Plan) <br />c. The present value of tax increments from the District for the maximum duration of the district <br />permitted by the TIF Plan is estimated to be $3,630,224 (see Appendix D and G of the TIF Plan). <br />d. Even if some development other than the proposed development were to occur, the Council finds <br />that no alternative would occur that would produce a market value increase greater than <br />$43,382,976 (the amount in clause b less the amount in clause c) without tax increment assistance. <br />3. Finding that the TIF Plan for the District conforms to the general plan for the development or <br />redevelopment of the municipality as a whole. <br />The Planning Commission reviewed the TIF Plan and found that the TIF Plan conforms to the general <br />development plan of the City. <br />4. Finding that the TIF Plan for the District will afford maximum opportunity, consistent with the sound needs <br />of the City as a whole, for the development or redevelopment of Development District No. 5 by private <br />enterprise. <br />The project to be assisted by the District will result in increased employment in the City and the State of <br />Minnesota, the renovation of substandard properties, increased tax base of the State and add a high quality <br />development to the City. <br />- 8 3 - <br />